XL Group Ltd announced today that the Board of Directors of the Company approved a new share buyback program, authorizing the Company to buy back up to $1 billion of its common shares. The previous share buyback program, which had approximately $349 million remaining, was canceled.

“The Company expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand,” XL said.

“The timing, form and amount of the share buybacks under the program will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback program may be modified, extended or terminated by the Board at any time.

“In addition, the Company announced today that the Board declared a quarterly dividend on February 16, 2017 of $0.22 per common share payable on the Company’s common shares. This action increases the quarterly dividend to $0.22 per common share from $0.20 per common share. The dividend will be payable on March 31, 2017 to common shareholders of record as of March 15, 2017.

“The Company also announced today that the board of directors of its wholly-owned subsidiary, XLIT Ltd., resolved on February 16, 2017 to pay [a] a dividend of $10.4730 per share on XLIT Ltd.’s Series D Preference Ordinary Shares, which dividend will be paid on April 18, 2017 to all preference shareholders of record as of April 14, 2017 and [b] a dividend of $32.50 per share on XLIT Ltd.’s Series E Preference Ordinary Shares, which dividend will be paid on April 18, 2017 to all preference shareholders of record as of April 14, 2017.”